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Isramco Negev 2 (ISRA · Tel Aviv)

Name: Isramco Negev 2 (ISRA) oil & gas valuation & reserves screen
Creator: Enerquill Advisory

Gas-weighted — HQ Israel. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.

Category Gas-weightedRegion Middle EastCEO Haim Tsuff (2012)Jurisdiction risk Med (39)

Overview

Single-asset gas partnership holding ~28.75% of the Chevron-operated Tamar field offshore Israel; functions as a quasi-royalty on Israeli domestic gas with high, stable cash distributions from long-term take-or-pay contracts.

Concentration and geopolitical risk (one field, Israeli offshore, regional-conflict exposure) offset by contracted volumes and low operating breakeven; controlled by Haim Tsuff's Naphtha/Isramco group and not a US SEC filer (no standardized measure).

Valuation snapshot (FY2025)

Market cap

$1.5bn

Enterprise value

$1.7bn

EV / EBITDA

5.2x

P / E

12.2x

FCF yield

12.3%

Dividend yield

7.8%

ROACE

15%

Debt / equity

33%

Net debt / EBITDA

0.6x

EV / reserves

$4.61/boe

EV / flowing

$33k/boe/d

Free cash flow

$0.2bn

Its EV/EBITDA of 5.2x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 12.3% is higher than the 6.5% median, and at $4.61/boe of proved reserves it is cheaper than the $13.51/boe median.

On a balanced screen across the universe, Isramco Negev 2 scores 60/100, strongest on valuation (74/100). Sub-scores: value 74, quality 67, growth 25, risk 54 (higher = riskier).

Reserves & production

Isramco Negev 2 holds approximately 0.36 billion boe of proved (1P) reserves with FY2025 production of about 51 thousand boe/d (2% liquids), a reserve life of roughly 19.4 years. Break-even: ~$30 (gas-linked breakeven) — long-term gas contracts; low operating breakeven

Net asset value (public-source)

For Isramco Negev 2, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.

Jurisdiction risk · production-weighted country risk

39 /100

Medium jurisdiction risk

Production-weighted average of the country scores below (0 = safest, 100 = riskiest).

Country / region	Prod. share	Country risk	Key jurisdiction risk
Israel	100%	39	OECD but conflict-exposed; gas export/security constraints.

How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

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Key assets & projects

Asset	Location	Type	Notes
Asset	Country	Type	note
Tamar	Israel	Gas	~28.75% WI; Chevron-operated producing field, core asset
Tamar SW (Southwest)	Israel	Gas	satellite tie-back development to extend plateau
Tamar expansion	Israel	Gas	capacity expansion toward ~12+ BCM/yr
Tamar exports	Israel	Gas	supply to Egypt/Jordan alongside domestic offtake

Five-year trend (FY2021–FY2025)

Metric	2021	2022	2023	2024	2025
Production (mboe/d)	48	52	49	50	51
Proved reserves (bnboe)	0.50	0.47	0.44	0.42	0.36
Revenue ($bn)	0.4	0.6	0.5	0.5	0.4
EBITDA ($bn)	0.3	0.5	0.4	0.4	0.3
Net income ($bn)	0.2	0.3	0.3	0.3	0.1
Free cash flow ($bn)	0.3	0.4	0.3	0.3	0.2

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Peer companies — Gas-weighted

NVTK · Novatek EQT · EQT Corporation EXE · Expand Energy TOU · Tourmaline Oil ARX · ARC Resources AR · Antero Resources RRC · Range Resources ENEV3 · Eneva S.A.NWMD · NewMed Energy CNX · CNX Resources Corporation CRK · Comstock Resources, Inc.PEY · Peyto Exploration & Development Corp.BKV · BKV Corporation GPOR · Gulfport Energy Corporation

Sources

✓ FY2025 figures verified against primary sources:

↗ Compare ISRA against 141 peers in the interactive screener